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Break out the credit card..But we can keep spending

May 14 (Bloomberg) -- President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.

“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”

Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”

Earlier this week, the Obama administration revised its own budget estimates and raised the projected deficit for this year to a record $1.84 trillion, up 5 percent from the February estimate. The revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure. The White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.

Two weeks ago, the president proposed $17 billion in budget cuts, with plans to eliminate or reduce 121 federal programs. Republicans ridiculed the amount, saying that it represented one-half of 1 percent of the entire budget. They noted that Obama is seeking an $81 billion increase in other spending

Is This the same guy who took office in Jan. Or have they replaced him.

How this Country elected a man, whom won't tell us who paid for his College, never ran a thing nor published an article in HLR speaks volumes of We the People, who re-elect those with sub 30% ratings. Amazing.....

Article [I.]
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
Article [II.]
A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.

May 14 (Bloomberg) -- President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.

We have been trying to tell him that since the beginning!

So, if he really beleives this, why is spending out-of-control and why doesn't he reverse all the wreckless spending he championed two months ago?

Collecting more taxes than is absolutely necessary is legalized robbery. Calvin Coolidge

I expect the media agrees with every thing he is doing and in reality think he is doing a good job.

No logic or analysis just left wing media partisanship.

subroc

Article [I.]
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
Article [II.]
A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.

I expect the media agrees with every thing he is doing and in reality think he is doing a good job.

No logic or analysis just left wing media partisanship.

Sad to say, but it don’t take a degree in rocket science to be a journalist (loosely used of course). They are not the sharpest scissors in the barber shop, more like the sheep getting sheared

Views and opinions expressed herein by Badbullgator do not necessarily represent the policies or position of RTF. RTF and all of it's subsidiaries can not be held liable for the off centered humor and politically incorrect comments of the author.
Corey Burke

Present day journalism bought into the koolaid and ice cream analogy, and will continue to promote it. They are vested in this corruption, and will go down with the ship, if there is any leadership on the other side to begin fighting.

As I've stated many times, the left has run a successful campaign of dumbing down America. The new majority...the sheeple of the nation...have so little intelligence about what's happening to them, they just blindly hold out their hands for more ice cream. And you thought only drug addicts acted in this manner.

UB

When the one you love becomes a memory, that memory becomes a treasure.